Try Quests to earn cryptoTerra whales seems to be more interested in trading / selling / staking LUNA than participating in governing Mirror Protocol.
For whatever reason, whales had just been transferring MIR tokens. There is little to no participation in governance and swaps.
Here we compare the staking activity vs the price of Luna. From observation, staking activities are more likely to occur during times when the price had been stagnant for days / weeks. No staking activities occur when the price is increasing or decreasing rapidly. this behavior is shown in February and on the 1st and 2nd of July where the price had been stagnant between $5 and $7 for weeks.
As the price rises, barely any buying (swapping UST for Luna) takes place. Meanwhile, selling (swapping Luna for UST) activities go up with the price of Luna. The highest amount of sells occur when Luna was at an average price of 11.02 USD, most likely because whales believe that price was at an unsustainable level. Although sells occur less often from March to May, there was still no buying activities throughout this period.
During May's crash from $15 to $5, there was initially a mixed reaction to the price action of Luna. On the first day of the crash, the number of Luna buys is 50% more than Luna sells. The buying pressure from whales continued for 7 days which then abruptly stopped. There had not been much swapping activities after May 28th.
The graph below shows the total number of whale wallets and the total number of whale wallets that interacted with Mirror Protocol. Whales are defined as addresses that is worth more than 0.1% of Terra's total wallet balance in USD. Out of 35 whales, 21 interacted with Mirror.